Budget 2016 proposes a new Teacher and Early Childhood Educator School Supply Tax Credit.
This is a new 15% refundable tax credit on up to $1,000 in supplies that you purchased out of your own pocket. Essentially if you spend $1,000 you will get $150 back when you file your taxes. Qualifying expenses are supplies as such as paper, glue and paint for art projects, games and puzzles, and supplementary books. Any supplies purchased after January 1, 2016 are eligible.
We will have to wait and see the actual mechanics of this tax credit. Your employer may have to certify that you paid for the supplies yourself. So for now keep those receipts!
Helping you see the opportunities in your numbers.
Jonathan Audette, CPA, CA
Jonathan Audette Professional Corporation